An Overview of Personal Loans

With the economy in such dire straits, many people are looking to different types of loans to take care of their bills while searching for second jobs. Personal loans are loans made directly to the borrower from a bank or lending house. Covering everything from medical bills to credit cards to student loans, these loans are helping people get what they need, when they need it. While there are many different types of personal loans, the can all be categorized as one of two different types: secured and unsecured. Which type of loan you get is dependent on what you will be using the money for. Some loans are available in both secured and unsecured options, while others are only found as one or the other.

Secured personal loans are provided by specific lenders, and have their repayment secured by a physical item. This is how they get their classification. The two most common types of secured loans are home mortgages and car loans. The loans are made specifically for a single purchase. This purchase is repaid in set amounts every month over the length of the loan. If payments are ceased, the lender repossesses the item – the car or the house – in lieu of payment. In contrast, Unsecured Personal Loans are the more common and the more recognizable. Unsecured loans cover a vast majority of ground, from store lines of credit to student loans to medical bills. Once these loans are issued, they can be used for a range of items and services. In addition, many unsecured loans have variable interest rates that can change monthly or annually.

For people who need extra money to pay for a car or a college education, personal loans are available to help fund their needs lenders are available for all credit situations.

Buying Cheaper Than Renting, But Some Mortgages Make It a Closer Call

Nationally, buying is 38% cheaper than renting with a traditional 20% down, 30-year mortgage. Buying is an even better deal with a 15-year mortgage, but not as favorable with less money down.

Homeownership remains cheaper than renting nationally and in all of the 100 largest metro areas. In fact, buying is 38% cheaper than renting now, compared with 35% cheaper than rentingone year ago. Why is the gap widening? Two reasons. First, in the past year, the 30-year fixed-rate mortgage rate has fallen from 4.8% to 4.3%. Second,rents have risen faster than prices, excluding foreclosures. Together, these trends have made buying even more affordable versus renting than it was last year.


Why Does Negative Info Stay on Credit Reports for 7 Years?

Under the Fair Credit Reporting Act, most negative information can be reported on credit reports for seven years. Why seven? Why not five, or 10 or some other amount of time?

I began to ponder that question after Congresswoman Maxine Waters proposed that negative information be deleted from credit reports after four years. She pointed out that other countries limit reporting to shorter periods of time. In Sweden, it's three years and in Germany it is four, for example.

For someone who has experienced credit problems, seven years can seem like an eternity. During that time, you may feel like a prisoner of your credit rating; turned down for credit or charged more when you are approved,...

Student Loan Debtors Need a Light at the End of the Tunnel

The principal aim of the consumer bankruptcy system in the United States has been to offer individuals the opportunity for a fresh start in their financial affairs. Reduced to simplest terms, a fresh start equates with relief from bad decision-making.

As a bankruptcy judge in the Northeast region of this country, I have witnessed a wide array of bad spending decisions. Consumer bankruptcy petitions are replete with examples of poor judgment: gambling debts, excessive purchases of luxury goods, ill-advised loan guarantees,  unpaid income taxes and over-extended home mortgage loans, just to name a few. Yet Congress has weaved into the US bankruptcy code and consumer protection legislation...

What to do if your wages are garnished

To avoid being hit, call your creditor or the firm collecting the debt and try to negotiate a payment plan, said Robert Hobbs, senior fellow at the National Consumer Law Center.

Explain the details of your financial situation and propose an amount that you can realistically pay each month.

If that doesnt work and the creditor decides it wants to seize your wages, it generally needs to get a court order first. That means you have the right to appeal.

Look at the judgment and make sure everything is correct.

For example, if you moved residences and the judgment was served at your former residence, that could be grounds for stopping the garnishment....

Drexel offers free law clinic to West Phila. area

The Drexel Law School has launched free legal clinics for West Philadelphia residents. The next clinic is scheduled for this Friday.

The law center will operate out of Drexel's Dana and David Dornsife Center for Neighborhood Partnerships, at 35th and Spring Garden streets. It provides law students with the opportunity to gain firsthand experience working with real clients, while empowering and serving the neighboring Mantua and Powelton Village communities of West Philadelphia.

The clinic offers referrals, legal advice and direct representation...

Morning Scan: JPM Earnings Leak; Regulation Guru Wins Nobel

Breaking News This Morning ...

Earnings: JPM, Citigroup, Wells Fargo

Receiving Wide Coverage ...

Early Bird Gets the Earnings Attention: JPMorgan Chase showed a $5.57 billion profit in its third quarter, but whether thats a victory or a disappointment depends on your preferred news source. The Journals upbeat report emphasizes the banks return to profitability after a year-earlier period weighed down by massive legal charges. The Financial Times, on the other hand, leads by noting JPMorgans net income was below analysts expectations … amid a drop in profits at its corporate and investment banking arm. JPMorgans earnings made the Internet rounds hours before a scheduled 7 am release because...

WFCF Provides $32.5MM Credit Facility to Petersen Health Network

Wells Fargo Capital Finance announced that it acted as administrative agent on a $32.5 million senior secured facility for Petersen Health Network (Petersen), a leading provider of long-term care services in Illinois as well as other areas of the Midwest.

Petersen, based in Peoria, IL, was founded in 1974 by brothers James D. and Robert L. Petersen.  Today, ownership remains in the Petersen family under the leadership of Roberts' son Mark B. Petersen.  Over the years, the Petersen Health Network has grown to over 91 long-term care facilities comprised of skilled nursing facilities, assisted and independent living facilities, along with homes for the developmentally disabled.


BOE Says Mortgage-Availability Slides to Lowest Since 2008

The Bank of England said a measure of mortgage availability dropped to the lowest level since the final quarter of 2008 as lenders became more pessimistic about the outlook for house prices and less willing to take on risk.

The gauge slid to minus 28.5 in the three months through early September, from 8.2 in the second quarter, the central bank said in its quarterly Credit Conditions Survey, published today in London. That's the first reading below zero since 2012. Demand for home loans also "decreased significantly" in the period, the bank said.

The survey comes amid signs of a loss of momentum in Britain's housing market, after BOE financial-stability officials took steps...

Deloitte welcomes eight to their class of 2014

Deloitte in Guernsey has welcomed a group of eight young people into the business and the bright and talented new joiners have embarked on their accountancy training programme.

The young people are a mix of university graduates and A-level students and all had to complete a rigorous selection procedure. Deloitte in Guernsey received almost 70 applications for the eight places. The successful candidates passed through a pre-screening process, various numerical and critical thinking tests and a number of interviews, including one with a Deloitte Partner or Director.

The new joiners have widely varied educational backgrounds, with degrees in accounting and finance, economics and languages,...

CPS Announces Third Quarter 2014 Earnings

CPS Announces Third Quarter 2014 Earnings October 14, 2014: 04:30 PM ET
  • Pretax income of $13.8 million
  • Net income of $7.8 million, or $0.24 per diluted share
  • New contract purchases of $279 million
  • Total managed portfolio increases to $1.519 billion from $1.374 billion at June 30, 2014
  • Renews $100 million revolving credit agreement

IRVINE, Calif., Oct. 14, 2014 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq:CPSS) ("CPS" or the "Company") today announced earnings of $7.8 million, or $0.24 per diluted share, for its third quarter ended September 30, 2014. This compares to net income of $5.9...

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